Saudi Arabia's Luberef falls as much as 6.6% below IPO price in market debut
Shares in Saudi Aramco's base oil subsidiary Luberef fell as much as 6.6% below its listing price in its Riyadh market debut on Wednesday. Formally known as Saudi Aramco Base Oil... | December 28,…

DUBAI, Dec 28 (Reuters) - Shares in Saudi Aramco's
base oil subsidiary Luberef fell as much as
6.6% below its listing price in its Riyadh market debut on
Wednesday. Formally known as Saudi Aramco Base Oil Company, Luberef
raised 4.95 billion riyals ($1.32 billion) earlier this month
through the sale of 30% of the company to investors in an
initial public offering which was priced at the top of the
range. Luberef's share price traded as low as 92.5 riyals at the
open on the Saudi Tadawul exchange, compared with its IPO price
of 99 riyals. State-led IPO programmes in Saudi Arabia, Abu Dhabi and
Dubai have helped equity capital markets in the oil-rich Gulf,
in sharp contrast to the United States and Europe, where global
banks have been trimming headcount in a dealmaking drought.
($1 = 3.7590 riyals)
(Reporting by Hadeel Al Sayegh, Editing by Louise Heavens)